Univision Communications Inc. (UCI) has become the sole owner of U.S. cable channel and digital net Fusion, following the exit of ABC from a JV between the two parties.
The U.S. Hispanic-focused Univision said in a statement on Thursday (April 21) that it will take over ABC’s role in handling distribution and ad sales for Fusion’s multi-platform network, and will also have editorial control. The transition of ownership will take place upon completion of the transaction.
The companies launched the channel together in October 2013, though ABC has been looking to sell its stake in Fusion for some time. The financial terms of ABC’s departure from the JV have not been disclosed.
“Our companies have gained valuable knowledge from each other over the past several years and we are proud of what we have built together in a short period of time. The mutual bonds created between our teams will remain.”
Univision notes that having sole ownership “further exemplifies the company’s commitment to serve multicultural audiences” across different platforms and languages. Fusion currently reaches approximately 27 million people each month across all platforms, according to Univision.
On the heels of the restructure, Univision is to launch Fusion Media Group (FMG), a “multi-platform destination for the new, rising American mainstream.” The media entity will include UCI’s interests in networks Fusion and El Rey as well as The Root, The Onion, A.V. Club, Clickhole, Starwipe, Flama, Univision Digital and Univision Music.
“This is an important time for UCI as we continue to evolve as a company to meet and exceed the demands of the cross-cultural influencers that we serve. Fully integrating Fusion into our portfolio closely aligns with our desire to engage with our growing audience wherever they are, whenever they want and in their language of preference,” said Randy Falco, president and CEO of UCI, in a statement.
“FMG is extremely well positioned to reach this young, diverse audience at scale and with passion, irreverence and authenticity. It will define and lead the zeitgeist of American youth,” he continued.